Though spending on government-worker salaries and pensions has grown at a rapid rate, many service providers and grant recipients are still awaiting payment.
Fiscal mismanagement by Illinois politicians has resulted in mounting deficits that are hurting the state’s economy, leading to ever-higher taxes, and driving people and their income out of the state.
The 2011 income-tax hike was supposed to address the state’s unpaid bills and ailing government-worker pensions; but five years and $31 billion in additional revenues later, Illinois’ unpaid bills are back up to 2011 levels, and the state’s government-worker pension debt has soared to $111 billion.
The state of Illinois has paid $611 million in late fees to vendors. Political insiders who have donated to some of the state’s most powerful elected officials are reaping the benefits.
Illinois began August with a $4.4 billion dollar backlog of unpaid bills. If lawmakers would have kept the promises they made in 2011, the backlog would be zero today – or close to it. In January 2011, Illinois lawmakers pushed through a record tax hike that raised the income tax rate on individuals to 5...
Lawmakers failed to keep their promise to pay down the state’s bills despite the fact that they are still raking in billions in new money from the 2011 tax hike. In fact, Illinois’ unpaid bills are slated to reach $9 billion during the Christmas season this year. When the Illinois General Assembly passed a record...
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.